Online administrative service of foreign exchange

By Xiao Wu, EDITOR

According to Chongqing Administrative Office of Foreign Exchange, online administrative service of foreign exchange has been available to the public. It's an administrative reform of delegating power, strengthening regulation and optimizing service, and also the innovation of China(Chongqing) Pilot Free Trade Zone. 

Online administrative service of foreign exchange keeps the foreign exchange principal registered in Chongqing from the old scenario that they need to go to the State Administration of Foreign Exchange Chongqing Branch for a couple of times to get the procedures done. Now, they just need to go to the closest bank to submit the application for foreign exchange administrative service and wait for the feedback online.

Administrative service of foreign exchange gets standardized by setting the common mark for the bank submission of administrative service of foreign exchange and providing online service guide, procedure details and material list, which greatly improves the bank efficiency on data transfer and the daily exchange settlement rate of State Administration of Foreign Exchange Chongqing Branch.

76 submission sites for online administrative service of foreign exchange are set in banks across 8 districts in Chongqing downtown while 60 in the prefecture-level regions of Chongqing, which means online administrative service of foreign exchange are available in all 38 districts and counties under Chongqing Municipality.

At present, online service is available to 6 kinds of administrative service of foreign exchange. The 6 kinds of services account for 65% of the total service volume of foreign exchange, including commodity trading company registration, foreign currency withdrawal by domestic institutions due to oversea business trip, cancellation of registration of domestic institutions’ loan limit granted overseas, cancellation of registration of foreign debt, market access of bank renminbi (RMB) and foreign exchange derivatives as well as application, modification and cancellation of codes or unique ID codes for special institutions. 

More detailed information please visit the official website of Chongqing Administrative Office of Foreign Exchange (http://www.safe.gov.cn/wps/portal/chongqingfj)  about the 146 submission sites including addresses and contacts.